A DECADE OF CHANGE
Online and mobile banking has become increasingly popular, leading to a shift in how customers interact with financial providers, alongside other major changes in consumer behavior, technological advancements, and industry practices.
To understand this impact, this year, CRIF’s research is presented in two parts. This first report focuses on the most impactful changes observed over the last decade, while the second, to be published later this year, will explore what the future potentially holds for the financial services industry.
This report analyzes the views of 6,000 consumers across Italy, Germany, France, Poland and the UK to better understand how they manage their finances, and whether this has changed in the last decade.
It also explores the views of senior financial professionals working in the UK, and those serving European markets. This dual perspective allows us to compare and contrast insights, while better understanding how financial services have evolved.
The findings reveal that during this period, millions of Europeans have faced, and continue to face, financial struggles. This has had a profound impact on people’s attitudes to their finances. Professionals agree that the sector has changed dramatically, driven by shifting customer attitudes and needs, as well as rapid digitalization.
Advancements in areas like AI and mobile banking, and the rise of digital-first services have reshaped how consumers are managing their money.
However, despite many professionals highlighting the benefits of these innovations, consumers are increasingly split, with many voicing concerns about a perceived trade-off between the benefits created by this technological progress and the loss of a more personal and customer-centric service.
Additionally, areas of importance for consumers are being rolled back, most notably around the sustainability, ethical practices and transparency of providers – something that has become central to customer decision-making. Despite professionals acknowledging the important role it plays in attracting and retaining customers, many now worry that momentum around ESG (Environmental, Social, and Governance) initiatives is beginning to fade, particularly as economic and political pressures mount.
Lastly, the financial power of the UK and Europe is also increasingly coming under question as global competition intensifies. The rise of emerging financial hubs in the Middle East and Asia is shifting the landscape. As these regions continue to gain momentum, the future of Europe’s financial leadership is under scrutiny.
This report explores the critical issues affecting the financial services sector, offering a fuller picture of the factors that have shaped its evolution, as well as the challenges and opportunities going forward.
